Romanian real estate developer adds co-working space to Timisoara office compound

The City Business Center office compound in the Romanian city of Timisoara, bought earlier this year by investment fund NEPI, was finalized, after two years of construction work. The fourth building in the compound was finalized using EU funding. The final cost of the project was EUR 9.7 million, compared to some EUR 16 million, the estimated value of the project in the beginning. The developer managed to save some money, including EU funding, according to its statement. The fourth building covers some 9,500 sqm for offices and services, and adds to the existing 25,000 sqm delivered between 2007 and 2010. The building includes co-working space for 37 people, mainly IT startups, as well as a serviced office areas – fully equipped offices on 20 to 40 sqm, which will serve 12 companies. “The EU financed component for Small and Medium Enterprises and startups from innovative areas became a reality with the serviced office area, a new concept on the Timisoara market, and with the co-working space for IT&C startups,” said Ovidiu Şandor, the developer of CBC Timisoara. The first tenants have already moved into the building, which is 60 percent leased. South-African investment fund New Europe Property Investments (NEPI) has acquired the City Business Center in Timisoara, which has three existing office buildings totaling 25,000 sqm. The sellers were businessmen Ovidiu Sandor and his partners. Sandor will continue to develop the office park, adding two more buildings and taking the project to 43,000 sqm, according to Jones Lang LaSalle (JLL), which acted as the exclusive adviser on behalf of the vendors. The value of the deal was not disclosed. editor@romania-insider.com